7 things to avoid in order not to go broke in Lagos

The economy is not smiling; everyone is living an uptight life right now. We need not remind you that things are three times their normal prices and living in a major city like Lagos is taking its toll on people.

While the idea of returning to the village would strike many as unacceptable or disgraceful, the village might actually help you save more as the cost of living there is relatively low. Apart from the stress of living in Lagos, the daily expenses could be draining.

One’s finances would no doubt suffer a major recession in this crucial period. Having to buy fuel at a high price will make one spend more on transportation whether one has a car or not. Then having to invest in food will also drain one as tomatoes have suddenly become an essential commodity in the country.

Since you cannot help spending more on these two items that are trending in the society, you may have to cut down your expenses in other areas. There are other things that you do within this bustling city that would make you go broke. As a matter of fact, Lagos is only interesting if you have money to spend.

Find below some of the things that may make you go broke in Lagos:

1. Partying and clubbing

If you are the type that enjoys hanging out with the boys on Friday nights and emptying bottles of liqueurs, you may have to slow down a bit. The boys you hang out with may not be able to help you when you go broke before the end of the month. You basically want to impress the girls you meet at the club and end up spending more than what you earn per day.

The Saturday owanbes may also be dodged stylishly. If you must go, wear one of the fabrics you have. Buying expensive asoebi that would make them share sunlight detergent and plastics for you as souvenirs is definitely not worth it.

2. Betting on sports
No one wants to ruin anybody’s business; but it is high time you stopped doing some things. Habits like betting would run you down before you know it; the terrible thing about it is that it is addictive. You keep hoping you would win one day and continue to invest in it.

Lagos, like every other major city in Nigeria is becoming difficult to live in. You have to let go of unproductive investments.

3. Cabbing every time

We understand the fact that you are classy and all; you have to go out and run your errands in cabs. You may even have cab men that you call on every time you are stranded. Remember these cabs do not run on water.

They run on a substance that is being sold for N145 per litre now. We are sure you know it. These cabs are more expensive than the regular buses; but depending on your bargaining power, you may still be able to get affordable ones. Reduce the way you take cab and save money.

4. The insignificant charges from banks

Many Nigerians have the habit of hitting the bank anytime they are in need of money. Yes, that is the only place you can withdraw and collect money. You can save yourself the stress of queuing at the bank because you want to withdraw 3k.

The bank charges that you would incur at the end of the month could buy you recharge cards. These little charges as insignificant as they are would make a difference if they were paid in as interests on your account.

5. Crave for designers

We love seeing people with class, people with finesse and standard. At this period, it would be nice for you to cut down on your expenses and stop being crazy about products made by designers.

The other products with brands that are not as popular also do well and serve the same purpose with the designers you like.

6. Misplaced priorities
At this point in time, you have to make a list of the things you need in the house for that month. The era of buying things just for keeps have passed. If you do not want to get broke in Lagos, you have to draw out your table for opportunity cost.

You should know the difference between needs and wants at this stage. Stop paying bills of services that are underutilized. Stop cheating yourself; it is useless registering in a club with a large sum of money and not having enough time to function as a member there.

7. Not being frugal

You would go broke in Lagos if you are not frugal. Stop giving money out anyhow; doing this would give people the impression that you have money to spare. Everyone is struggling and you should learn to save despite the things and people you are investing in.

Except your name ends with Otedola, you have to be cautious with the way you spend since you do not have many businesses registered in your name.